| CODE | ACA3003 | |||||||||
| TITLE | Teaching Financial Literacy to Adults | |||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | |||||||||
| MQF LEVEL | 6 | |||||||||
| ECTS CREDITS | 4 | |||||||||
| DEPARTMENT | Arts, Open Communities and Adult Education | |||||||||
| DESCRIPTION | The study-unit will review the theoretical landscape differentiating between financial literacy, financial vulnerability, financial capability, financial wellbeing, etc.; The discussion will proceed on financial education and how this affects financial literacy, financial vulnerability, financial capability, financial wellbeing, etc. It will identify and review key financial literacy competency and skills domains, including budgeting, saving, debt, financial resilience, investment, digital finance, etc. Further to this, students will engage with approaches, methods and resources for teaching and learning financial literacy with adults. The study-unit will conclude with a discussion of impacts of improved financial capability at individual and national levels. Study-Unit Aims: This study-unit aims to provide: 1. A review of the theoretical landscape differentiating between financial literacy, financial vulnerability, financial capability, financial wellbeing, etc.; 2. Engagement with teaching and learning approaches, methods and resources that can support adult in acquiring key financial literacy competency and skills (e.g., budgeting, saving, debt, financial resilience, investment, digital finance, etc.); and 3. Reflections on impacts of improved financial capability at individual and national levels. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: 1. Recognize theoretical underpinnings of relevant concepts, e.g., financial literacy, financial vulnerability, financial capability, financial wellbeing, etc.; 2. Illustrate different stages of financial literacy during a person’s life cycle and their impacts; and 3. Identify relevant financial literacy competencies and skill domains required during a person’s life cycle, particularly in adulthood and older adulthood. 2. Skills: By the end of the study-unit the student will be able to: 1. Discuss how financial literacy competency and skills domains affect different population cohorts, particularly different cohorts of the adult population; 2. Analyze case studies with attention to financial literacy competency and skills domains; and 3. Plan potential strategies of inculcating financial literacy in adult education and training initiatives. Main Text/s and any supplementary readings: Main Texts: - Batsaikhan, U. & Demertzis, M. (2018). Financial literacy and inclusive growth in the European Union, Policy Contribution 8. Breugel (Open access from https://bruegel.org/wp-content/uploads/2018/05/PC-08_2018.pdf). - Ministry for the Family, Children's Right and Social Solidarity (MFSS). (2021). ĠEMMA Pulse Survey on Household Money Management – Yearly Review. Malta: EMCS. (Open access from https://gemma.gov.mt/wp-content/uploads/2021/05/GEMMA-Personal-Financial-Capability-Survey-6-Updated.pdf). - Kaiser, T, & Menkhoff, L. (2016). Does financial education impact financial literacy and financial behaviour, and if so, when?, Discussion Papers, 1562. Berlin: DlW. Supplementary Readings: - Askar, W, M., et al. (2020). Financial Literacy and Poverty Reduction: The Case of Indonesia. Asian Development Bank Institute. - Attard, S. & Georgiakopoulos, I. (2017). Household Finance and Consumption Survey in Malta: Main results from the Third Wav, WP/04.2019. Malta: Central Bank of Malta. (Open access from https://www.centralbankmalta.org/file.aspx?f=82580) - Barrell, R., Kirby, S. & Orazgani, A. (2011).The Macro economic impact from extending working lives. London: National Institute of Economic and Social Research on behalf of the Department for Work and Pensions. (Open access from https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/214392/WP95.pdf). - Boisclair, D., Lusardi, A. & Michaud, P.C. (2014). Financial Literacy and Retirement Planning in Canada. Cambridge (MA): National Bureau of Economic Research. (Open access from https://www.nber.org/system/files/working_papers/w20297/w20297.pdf). - de Meza,D., et al. (2008). Financial Capability: A behavioural economics perspective, carried out by the London School of Economics. UK: Financial Services Authority. (Open access from https://www.fca.org.uk/publication/research/fsa-crpr69.pdf). - Dixon, M. (2006). Rethinking financial capability: Lessons from economic psychology and behavioural finance. York: Norwich Union (Open access from https://www.ippr.org/files/images/media/files/publication/2011/05/financial_capabilities_1515.pdf). - Graf, R. (2012). Financial Literacy and Financial Behavior in Switzerland. DIW Economic Bulletin, 30, 1–133. (Open access from https://www.diw.de/documents/publikationen/73/diw_01.c.512024.de/diw_econ_bull_2015-30.pdf) Lusardi, A., & Mitchell, O.S. (2014). The economic importance of financial literacy: theory and evidence. Journal of Economic Literature 52(1), 5-44. (Available). - Ministry for the Family, Children's Right and Social Solidarity (MFSS). (2018). ĠEMMA, Financial Literacy in Malta: A Study on the Awareness, Knowledge, Skills, Attitude and Behaviour Necessary to Make Sound Financial Decisions and Achieve Individual Financial Well-being, Malta: M. Fsadni & Associates. (Open access from https://gemma.gov.mt/microdata-for-research/gemma-research-financial-literacy-in-malta/). - OECD. (2018). Core Competencies Framework on Financial Literacy for MSMEs. Paris: OECD. (Open access from https://www.oecd.org/finance/financial-education/OECD-INFE-core-competencies-framework-on-financial-literacy-for-MSMEs.pdf). - Spiteri Gingell, D. (2021). Private Pension Jargon Buster. MFSS: Malta. - Spiteri Gingell, D. (2020) National Financial Capability Strategy, 2022-2025. Malta: MFSS. - Spiteri Gingell, D. (2017). Strategy for Retirement and Financial Capability, 2017-2019. Malta: MFSS. - Spiteri Gingell, D. (2015). Research of financial and non financial assets held by beneficiaries of different Social Security Schemes in Malta. Malta: MFSS. - Spiteri Gingell, D., et al. (2015). Strengthening the Pension System: A Strategy for an Adequate and Sustainable Maltese Pension System. Malta: Pension Strategy Group. |
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| STUDY-UNIT TYPE | Lecture and Independent Study | |||||||||
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| LECTURER/S | Maria M. Brown (Co-ord.) David Spiteri Gingell |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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